Goldman Sachs earned $17.01 a share in the third quarter on net revenue of $18.68 billion, and it plans to pay shareholders $5.00 a share on December 30. Net earnings were $5.29 billion, the bank said October 13. Chief executive David Solomon said the firm’s “clients continued to turn to Goldman Sachs for our world-class advice, execution and financing capabilities.”
Both totals were well above a year ago and below the quarter before. Per-share earnings were $12.25 in the third quarter of 2025 and $20.98 in the second quarter of 2026.
Up from last year, down from last quarter
Goldman’s earnings results, filed with the Securities and Exchange Commission, show net revenues of $18.679 billion, up 23 percent from $15.184 billion a year ago and down 8 percent from $20.338 billion in the second quarter. Net earnings rose 29 percent from a year ago, to $5.294 billion from $4.098 billion, and fell 20 percent from the second quarter’s $6.628 billion. Annualized return on equity was 18.7 percent.
Solomon’s statement called the quarter the firm’s second-highest for net revenues, and a record for the first nine months of the year.
Anyone who owns Goldman shares directly, or through a fund, is looking at one question: how much of this reaches the owner. Earnings per share is profit divided by shares outstanding, so it is not a payment. What shareholders receive in cash is the dividend, and the bank has declared $5.00 a share for the fourth quarter, payable December 30, 2026. What shareholders get indirectly is the buyback: Goldman repurchased 2.9 million shares for $3.00 billion in the quarter, at an average cost of $1,048.73 a share. Fewer shares outstanding means each remaining share claims a bigger piece of profit.
Goldman’s per-share earnings moved from $20.98 to $17.01 in a single quarter, and the figure resets in every report.
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Stock trading did the lifting
The biggest year-over-year gain came from equities trading. Equities revenue was $6.441 billion, up 72 percent from $3.736 billion a year ago, though down 13 percent from $7.416 billion in the second quarter. Fixed income, currencies and commodities trading, known as FICC, brought in $3.471 billion, essentially flat from $3.493 billion a year earlier and 24 percent below the second quarter.
Investment banking fees, what the bank earns for advising on mergers and underwriting stock and bond sales, were $3.224 billion, up 21 percent on the year and down 5 percent on the quarter. Together those three lines make up the Global Banking and Markets segment, which had net revenues of $13.458 billion, up 32 percent on the year.
The two largest pieces explain most of the quarter. Global Banking and Markets supplied about 72 percent of net revenues and Asset and Wealth Management about 27 percent, which leaves under 1 percent for Platform Solutions. Solomon said in his statement that the firm’s “market-leading franchises, deep relationships and continued investments will help drive long-term earnings growth.” The release does not break that comment down by business.
Wealth management grew, Platform Solutions shrank
Asset and Wealth Management took in $5.051 billion, up 14 percent on the year and 10 percent on the quarter. Assets under supervision, the client money the firm oversees, reached a preliminary $4.097 trillion, compared with $4.041 trillion at the end of June and $3.452 trillion a year ago.
Platform Solutions brought in $170 million, down 72 percent from $598 million a year ago.
Costs, loan losses and capital
Operating expenses were $11.308 billion, up 20 percent on the year and 3 percent lower than in the second quarter. The provision for credit losses, money set aside against loans that may go unpaid, was $368 million, compared with $102 million in the second quarter and $339 million a year ago. Headcount was 47,500, down 2 percent from 48,300 a year earlier but up from 46,200 in the second quarter, an increase of 1,300 people. Operating expenses were $11.673 billion in the second quarter and $9.453 billion a year earlier.
Goldman’s preliminary common equity tier 1 ratio, a main measure of the capital a bank holds against losses, was 12.4 percent on the standardized measure, down from 12.9 percent in the second quarter. On the advanced measure it was 13.6 percent, unchanged.
Putting a $17.01 quarter in perspective
Investors can read the numbers free. The full results are on the SEC’s EDGAR system at the link above, and Goldman posts its release and presentation on its investor relations pages. The tables show every line by segment, quarter by quarter.
When comparing a bank’s quarter with its past, the like-for-like column matters. Goldman’s year-over-year gains were large, 23 percent in revenue and 39 percent in earnings per share, because the year-earlier quarter was lower on both counts. The second quarter of 2026 was stronger, which is why the same quarter looks like a step down when set beside it.
The date to mark for dividend holders is December 30, when the $5.00 declared for the fourth quarter is payable. The figures in the release are preliminary until Goldman files its quarterly report with the SEC.
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This article was produced with AI assistance and reviewed by The Financial Wire’s editorial team.
Warren Cohen is a finance writer based in Phoenix, Arizona, covering personal finance topics including credit, banking, and beginner investing. He earned his degree in business administration from Arizona State University and began his career working in consumer finance, where he gained direct experience with lending and credit systems. He now writes for personal finance websites and fintech platforms, focusing on clear, practical content that helps readers make informed financial decisions.
